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 Strategies & Market Trends | Zeev's Turnips - No Politics


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To: Steve Lee who started this subject12/11/2001 7:19:19 PM
From: sylvester80
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AMR warns of big loss

money.cnn.com

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To: Steve Lee who started this subject12/11/2001 7:20:14 PM
From: sylvester80
   of 99277
 
Levin: ad slump goes on

money.cnn.com

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To: Zeev Hed who wrote (12372)12/11/2001 7:28:25 PM
From: TRINDY
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Greetings, Zeev. Please let us in on your market insights at present. I haven't seen many such musings from you lately. You are one of the best minds on SI. No one is always right, but your batting average is one of those six-sigma things. Your thoughts are very much appreciated. So, turn-up those turnips and give us some prognostications.

I am starting to get some very "toppy" readings on my various indicators. The weakest are the Dow and S&P 500. Utilities not doing very well either. Strongest is the Naz. Still in the positive range, buy kind of toppy. The rally last weak caught me a little short, literally, in the qqq's. Hope to be vindicated soon. But, could go either way.

What are the prospects that we will get a good washout prior to Christmas? Are you still expecting a strong January, and, potentially, first half of next year? I've been thinking that I want to be back in, fully, for the January effect. Good reasoning?

With CSFB paying out $100 million, the Enron fiasco, and a multitude of other sins out there, it may be that the lying is catching up with many firms. I'm wondering if we won't see some continuation of such matters into the new year. There certainly has been a lot of lying going on.

Cheers!

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To: Steve Lee who started this subject12/11/2001 7:30:25 PM
From: pressboxjr
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IBM to test $130?

jrscharts.dyndns.org

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To: JoanP who wrote (12369)12/11/2001 8:14:55 PM
From: Chuck Williams
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Ouch. That hurt.

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To: Steve Lee who started this subject12/11/2001 8:18:23 PM
From: ajtj99
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Last stick on NDX 60-minute chart almost fills the entire Bollinger Band. Pretty strange:

stockcharts.com

Notice how the consolidation at NDX 1650-1700 mirrors the consolidation at NDX 1550-1600 last month. Notice what happened after the consolidation.

The one thing we have to deal with right now that we didn't before is the 200-day SMA. That's at about NDX 1639, I believe. That should serve as short term support during this consolidation.

The NDX candle today bounced at the falling resistance line on the 60-minute chart at 1654. That same line could serve as support on any weakness tomorrow morning, which could make the 1640-1650 area a bit of support.

The 15-minute is indicating a narrow trading range tomorrow on the NDX, with a possible range of NDX 1640-1680, with possible support in the 1655-1660 area.

The NDX highs today were contained by the trendline originating from the lows on Dec. 7 & 10. Interesting.

There are many reasons to stay below NDX 1700 and above NDX 1640 right now. In short, I believe we trade sideways until either an options related drop or until seasonal buying takes us up to a possible peak at NDX 1800-1822 in January.

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To: ajtj99 who wrote (12376)12/11/2001 8:19:09 PM
From: Softechie
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I see NAZ heading down to 1100 and DOW to 7000.

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To: Softechie who wrote (12391)12/11/2001 8:22:47 PM
From: ajtj99
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Techie, you'd better wait until after January for a significant drop, IMO. There are some powerful forces at work right now in the market, and they may not let the market drop much in the near term. I believe even if we hit 1934, we would hit it intra-day and not close at that level.

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To: sylvester80 who wrote (12383)12/11/2001 8:25:44 PM
From: Softechie
   of 99277
 
Enron has 3 US depts all over its ass: Labor, SEC, Justice. Where's GWB when they needed him.

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To: sylvester80 who wrote (12386)12/11/2001 8:27:11 PM
From: t2
   of 99277
 
The market has basically gone as low as it can get after the big run up. I know many think this is it..now it is ready to move lower.
I believe this was the move lower. The money market funds are too low now while there are so many companies that signal a bottoming out in their business and many others making note of a pick up in demand. It is hard to fight the stock market given an expected economic recovery ...all while we have seen short interest hitting record after record every month.

We had a nice pause..a welcome pause. I had gotten a bit nervous lately about the big rally in the Nasdaq along with a lot of other people who are bullish. Shorts are very confident of a drop at the same time the bulls are questioning a move higher too!

I think it is over now and the Nasdaq should blast past last week's highs..given all the negative short term sentiment. I am not going post all the reasons why I think the market is going higher; better comparisons, better leading economic indicators versus expectations etc...

Semiconductors, Storage, Wireless had a big pause and should resume now---saw most of these stocks move up today. NTAP was rocketting higher even yesterday. I had been in tech (concentrated in semis) since late September and thought about taking more profits recently---and now realize there is really no reason to do so..in the near term.


JMHO.

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